Oil prices pared gains on Tuesday after briefly climbing above $100 a barrel following an announcement from U.S. President Donald Trump that he was extending a ceasefire with Iran until Tehran submits
Oil prices pared gains on Tuesday after briefly climbing above $100 a barrel following an announcement from U.S. President Donald Trump that he was extending a ceasefire with Iran until Tehran submits a proposal.
Brent crude futures were volatile, settling up about 3% on Tuesday and then climbing further to rise more than 5% to a session high of $101.15 after reports that U.S. Vice President JD Vance had called off his trip to Islamabad for peace talks with Iran.
Prices later retreated after Trump said the ceasefire would remain in place until Iranian leaders present what he called a unified proposal and talks are concluded, though he said the U.S. naval blockade of Iran would continue.
Earlier, Iran said it had yet to decide whether to attend peace talks with the United States, and it had yet to comment on Trump's announcement.
Brent futures LCOc1 were up $4.22, or 4.4%, at $99.67 a barrel in post-settlement trading on Tuesday. U.S. West Texas Intermediate CLc1 crude settled up $2.52, or 2.8%, at $92.13.
Shipping traffic through the Strait of Hormuz, which normally handles about 20% of global oil and liquefied natural gas supplies, remained broadly halted on Tuesday with only
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